Gpay, a Vietnam-based e-wallet provider, has received an undisclosed amount in Series A funding from Korea-listed bank KB Financial Group.

G-Group Technology Corporation, the parent of Gpay, also joined hands with KB Financial to launch a US$13-million fintech joint venture.

As per a press note, the fresh funds will be used to expand its team and customer base and also upgrade its tech solutions. The latest investment round values the digital payment firm at VND 425 billion (US$18.5 million).

Also Read: 2021: Predicting another bumper (un)predictable year for payments

Established in 2018, Gpay obtained its e-payment license in April 2020. However, competition is expected to be tight within the Vietnamese digital payment market. There are currently 39 licensed e-wallet providers.

Last week, local rival MoMo announced it had raised its Series D funding, which sources have pegged it at over US$100 million.

Nguyen Thuan Chat, Co-founder and CEO of G Payment Joint Stock Company, that owns and runs Gpay, said that the company aims to reach five million users by 2023.

G-Group has other tech arms including peer-to-peer lending firm Tima and social networking app Gapo.

Last week, Momo, another payments app in Vietnam, raised an undisclosed amount in Series D financing, co-led by Warburg Princus and Silicon Valley-based VC firm Goodwater Capital.

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If we examine the kind of direction businesses around the world have been taking, the reality is that there has always been a steady surge in remote working trends over the past decade or so. If anything, recent events have merely expedited the already emerging trend.

Researchers, human resource managers, and key stakeholders have been observing the benefits of remote teams for years not only in the APAC region but all over the world. In 2013, Stanford professor Nicholas Bloom conducted a study where he closely observed two groups of employees of a Chinese travel agency: ones who worked from home and ones who worked from the office. The study revealed that employees who worked from home were more productive than their in-office counterparts. They were more focused, took shorter breaks, lesser sick leaves, and as an added benefit, they reduced their carbon emissions by avoiding the commute. The company also saved lots of rent money by reducing its overall office space.

From startups to big corporations: More businesses are opting for remote staffers

With the world turning into a global village, thanks to technology, from startups to SMEs and big corporations, all kinds of businesses are getting increasingly inclined towards remote teams. Founded in 2017, Singapore-headquartered public relations and content marketing startup SYNC PR has a presence in four different countries, including Malaysia, India, and Indonesia, and they have built the entire business on solely remote staffers. US-based GitLab, one of the world’s top enterprise software startups, has no offices. It has been remote since its inception in 2014.

Also read: Gpay raises Series A from KB Financial to expand its e-wallet platform in Vietnam

Automattic, the parent company of WordPress — the most popular blog and website creation tool in the world used by around 30 per cent of all websites, was created with a completely virtual workspace. InVision, a product design and prototyping app, has been operating with a distributed team across 25 countries. In fact, startups in Southeast Asia love remote teams so much that recruitment companies like Glints saw the opportunity to offer remote teams for hire to companies around the region.

Increased productivity and better outcomes

Since 2005, the number of people who work remotely has increased by 140 per cent and it is estimated that by 2028, 73 per cent of all sectors will have remote workers globally. There are several factors that have contributed to the rise of remote teams in the past few years. Companies get to dab into a larger talent pool, localising and conquering new markets have become relatively easier with teams on the ground across the market and real estate as well as electricity costs can be cut down significantly. Furthermore, studies have shown that remote teams get more done in less time, which allows them to start new projects, spend more time doing what’s working, and ultimately improve the bottom line.

Another key aspect of working from home is better work-life balance, and hence, happier employees. Happier workers are automatically better workers. They are able to focus more and do better because they are happy and content in their personal lives. Studies have proved that remote work helps improve retention rate by over 10 per cent. So, it is a win-win situation for both employers as well as employees.

Struggles and challenges of working from home

According to the 2019 State of Remote Work Report by Buffer with 2500 remote staffers, 99 per cent said that they prefer working remotely citing a flexible schedule as the biggest benefit. However, remote working comes with its own set of unique challenges and struggles. As per the Buffer survey, among the top three most common struggles that people who work remotely face are:

● Unplugging after work
● Loneliness
● Collaborating and/or Communications

Companies can help improve productivity among remote employees by providing them with the right kinds of tools and resources. For starters, a flexible, comfortable, and efficient workstation at home is a must. There have been many reports and studies on how the right kind of IT support, as well as access to the right tools, can help employees perform better when working remotely. In India, companies like Royal Bank of Scotland even went ahead to the extent of providing comfortable chairs and tables in addition to laptops and wifi for their remote employees during the pandemic.

Ergonomics and optimising productivity

Nearly two-thirds (63%) of workers experience musculoskeletal problems, including back pain, neck pain, and knee injuries, as a result of working from home, according to a recent study by the health insurer, Bupa. Meanwhile, a Facebook survey with respondents from the American Chiropractic Association suggests that more than 92 per cent of chiropractors have reported a spike in patients with neck pain, back pain, and musculoskeletal injuries since they began working from home.

Also read: Spacemob founder Turochas Fuad launches BNPL startup ‘Pace’ with a high 7-figure seed funding led by Vertex

This means that despite all the benefits that come with working from home, both for employees and employers, it often comes at the price of working under less-than-ideal ergonomic conditions. This problem underscores all the reasons why companies should invest in tools that help support remote working employees especially in terms of mobility and ergonomics.

How can employers support remote teams?

One of the first, and arguably the most important things to focus on is the laptop. Being a remote worker and freelancer for the past five years now, I can personally attest to that. My laptop is my office and having just the right device is crucial. A device that can be adjusted to different angles for different work nooks and is lightweight is always a better choice. Not only does it help with working in different postures comfortably but also enables concentration and focus for long hours.

One of the best choices in the market when it comes to devices ideal for working from home is Dynabook’s Portégé X30W-J. Built with magnesium alloy offering excellent durability and weighing only 989 grams, this is the world’s lightest 2-in-1 convertible.

The laptop can be adjusted to five different work modes- Laptop Mode, Audience Mode, Tabletop Mode, Presentation Mode and Tablet Mode.

● In the Laptop Mode, the Portégé X30W convertible PC functions like a traditional laptop and can be used easily while working on a desktop or a café, a table or a plane seat—anywhere you want to be productive.
● The Audience Mode allows users the flexibility to flip the screen and create their own viewing space to consume content anywhere- in the break room, remote office or study hall.
● The Tabletop Mode is ideal for those who love to collaborate. Users can lay the device flat and collaborate with colleagues in smaller workspaces using this mode.
● The Presentation Mode helps users share engaging presentations with larger groups in sales meetings, conference rooms or customer sites easily.
● Last but not the least, the Tablet Mode is perfect to use the convertible PC as a large-screen tablet to browse the Internet, read documents or take notes using Dynabook’s exclusive Active Pen with Wacom AES 2.0 Pen Technology & 4,096 levels of pressure for exceptional natural handwriting.

A durable, secure, and powerful device for remote teams

Offering flexibility with multiple modes, a device like the Portégé X30W is ideal for remote teams. In addition, the Portégé X30W is loaded with the high-performing 11th Gen Intel® Core i5 and i7 processors. It is also equipped with powerful storage and memory options, including up to 32GB of dual-channel LPDDR4x memory running at 4266MHz, and ultra-fast PCIe SSD storage (up to 1TB) for uninterrupted productivity. Ideal for today’s increasingly data-intensive business applications, the convertible is also available in configurations with the new Intel® Iris® Xe powered graphics technology, delivering best-in-class performance, discrete-level graphics, responsiveness and battery life.

Also read: Volopay raises US$2.1M from Tinder co-founder, others to make expense tracking easier for startups

The device also comes with other perks like battery life that last up to 16 hours and long-lasting durability owing to its high-strength magnesium alloy chassis and Corning® Gorilla® Glass NBT®. The Portégé X30W is engineered to pass MIL-STD-810G standard testing methodologies for strength and durability. Plus, Dynabook also conducts an array of extreme tests on the hinge, keyboard and ports; these laptops are subjected to Highly Accelerated Life Tests (HALT) that simulate repetitive motions of a laptop user over time and undergo tests for drops, spills and other mishaps as well, ensuring durability.

Equipped with a robust combination of next-level hardware, software and identity protection, including Dynabook’s own BIOS, enterprise-grade encryption and authentication using face and fingerprint biometrics, the device has a solid security foundation. A webcam shutter and security Lock slot also provide further privacy options.
With video conferencing seeing an unprecedented increase in recent months, the device is well-equipped for dispersed teams. It boasts high-quality sound with harman/kardon speakers and Dolby Atmos for sound enhancement, as well as noise-cancelling dual mics. The webcam and a further 8MP world-facing webcam with anti-reflection coating also help to deliver an unrivalled audio/video experience.

For startups, SMEs and big corporations exploring tools and resources to help their remote staffers increase productivity and help with business growth and scalability, Dynabook’s Portégé X30W-J is an ideal choice. Empower your employees with the right tools and build a better, more resilient team for a brighter tomorrow.

Learn more about Dynabook’s Portégé X30W-J at Asia.dynabook.com/portegeX30W-J and for sales enquiry, contact Dynabook at DBS-b2b@dynabook.com

Please note the following product disclaimers:

Lightest disclaimer – Based on 13.3” convertible laptops with 11th generation Intel Core processors as of 4 Nov 20, research conducted by Dynabook Inc.
Weight Disclaimer – Weight may vary depending on product configuration, vendor components, manufacturing variability and options selected.
Battery Life Disclaimer – Battery life rating based on MobileMark 2014 running Windows 10. MobileMark is a trademark of Business Applications Performance Corporation.

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This article is produced by the e27 team, sponsored by 
Dynabook

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Tesla, the global tech giant known for its fast-paced and “innovations-first” work culture, is ramping up its team in Singapore with more new hires.

According to Tesla’s website, the electric car major has been looking to hire people to fill the following positions in Singapore: Logistics Analyst, Store Leader, Vehicle Service Technician, Vehicle Readiness Specialist, Vehicle Operations Specialist, Operations Manager, Sales Advisor, Parts Advisor, Customer Support Specialist and Country Manager.

This follows the US-based firm’s filling up of three positions across different verticals in the island nation in July last year.

Tesla, the world’s most valuable automaker, ranks among the top-10 biggest companies in the US. It also offers a variety of cutting-edge projects, such as Superchargers, Tesla Network, with a great salary for its employees.

The company is also unique in its approach to recruitment. While there are plenty of materials available online on how to bag an interview with the company, founder Elon Musk has shared in the past that candidates wishing to apply for a job in his billion-dollar empire need not graduate high school.

The way he identifies potential candidates is through “evidence of exceptional ability”. In his view, if there is a track record of exceptional achievement, then it is likely that that will continue into the future.

Tesla has been in the spotlight since its inception in 2003. With over 38,000 employees, the automobile firm is paving the way for electric cars and sustainable energy.

Also Read: Tesla approached Indonesia for potential investment, says report

Today, Tesla Motors is worth nearly US$304.6 billion, and Musk’s relentless innovation has disrupted not just the auto world but also the outer space with the mission to colonise Mars.

Most recently, Tesla incorporated a company in India. As per a report by Business Today, the company is currently scouting for land, possibly for manufacturing and R&D set-up in the country.

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Image Credit:  David von Diemar

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Bangalore-based telehealth startup MFine announced it has raised US$16 million in an oversubscribed funding round led by Heritas Capital, with participation from Singapore-based family office of Y’S Investment.

Existing investors, including SBI Investment (Japan), SBI Ven Capital and Beenext (both Singapore-based), and Alteria Capital (India), also participated.

The company said in a statement that it will deploy the fresh funds towards investing in its tech solutions, expanding its hospital network across India and scaling its recently launched services, which include medicine delivery, preventive health screenings and diagnostic tests.

MFine further said it it will also initiate its Series C fundraising in the “coming months”.

Founded in 2017, MFine is an AI-driven, on-demand healthcare platform that provides its users access to virtual consultations and connected care programmes from India’s hospitals.

Lockdown measures caused by the COVID-19 pandemic and the release of telemedicine guidelines by India have led to the widespread adoption of telemedicine within the country.

MFine claims it achieved 10x growth in 2020 and has more than a million users with over 4,000 doctors from 600 hospitals covering 35 specialities on its platform. The startup expanded its geographical coverage and remarked it now serves people from over 1,000 towns in India.

Also Read: AI becoming a viable way to bridge the gap in the doctor-patient ratio: mfine CEO Prasad Kompalli

The firm launched several new services in 2020, including an AI-based self-assessment of various health conditions, long-term care programmes for chronic conditions and membership to offer benefits on all the services for its direct consumers and also corporates.

“The year 2020 has been very significant for us. During the pandemic, with the introduction of strict lockdowns and social distancing measures, we found ourselves in a unique position to help millions of people with access to essential healthcare services,” said Prasad Kompalli, Co-founder and CEO of MFine.

“MFine has developed a compelling solution that has proven to be highly impactful during this pandemic to ensure continued and trusted access to quality and affordable healthcare services,” said Chik Wai Chiew, CEO and Executive Director of Heritas Capital.

“We believe MFine’s collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimisation of limited healthcare resources to address unmet needs throughout India and beyond,” Wai Chiew opined.

Also Read: Indonesia’s healthtech sector anticipates its first unicorn. Meet the 8 contenders of the race

The COVID-19 pandemic has increased global funding activity in digital health in 2020. Telemedicine was the top-funded category and led VC funding activity with US$4.3 billion, a 139 per cent increase compared to US$1.8 billion in 2019.

According to Mercom Capital, global venture capital funding in digital health came to US$14.8 billion, a 66 per cent increase compared to US$8.9 billion in 2019.

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GoStream, a Vietnamese live streaming platform, announced that VinaCapital Ventures has invested a “seven-digit figure” into the company.

The fresh funds will be used to bankroll GoStream’s business expansion.

Founded in 2017, GoStream is a multi-platform live streaming broadcaster for social sellers, marketers and content creators. It claims it provides an “interactive experience” that encourages viewer participation in live videos, enabling users to reach a larger audience to increase visibility and get more views.

The startup shared in a press note that it facilitates over 100,000 live streaming sessions daily and serves multiple corporate clients.

Also Read: 37 VCs to invest US$800M+ in Vietnam’s startups over the next 3-5 years

“GoStream’s innovative streaming technology is helping more businesses reach more viewers and customers, and we look forward to working with them as they further expand their capabilities and play an even greater role in Vietnam’s growing digitalisation,” said Trung D. Hoang, Partner at VinaCapital Ventures.

According to a Statista report, revenue in the video-streaming segment in Vietnam is poised to reach US$162 million in 2021.

VinaCapital Ventures was launched in 2018 as part of VinaCapital, a Vietnamese asset management firm with over US$3 billion in assets under management. It seeks to invest in Vietnamese and Southeast Asian tech startups.

Earlier in December 2020, VinaCapital Ventures was among the investors of a 7-figure pre-Series A round into proptech startup Homebase.

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Amidst the report of the reports that its merger discussions with immediate rival gojek reportedly have fallen through, Singapore-based super-app company Grab is said it be considering launching an IPO in the US this year

The public offering could see Grab raising at least US$2 billion, said an exclusive report by Reuters quoting three unnamed sources. This would likely make Grab the largest overseas share offering by a Southeast Asian company after Sea Group’s US$1 billion IPO in 2017.

Good market condition coupled with Grab’s better performance will augur well for the company to go for a listing, said a source. However, there is no clarity on the size of the issue and the timing of the IPO launch. They are still still being finalised.

Also Read: Grab-gojek or Tokopedia-gojek: which merger will make better business sense?

Grab is the poster boy of the Southeast Asia’s startup ecosystem with US$10.1 billion funds raised till date and is valued at US$15 billion. The company counts among its backers well-known investors such as SoftBank.

In August 2020, Grab reportedly raised US$200 million from South Korean private equity firm Stic Investments. This followed a US$1 billion fundraise from SoftBank Vision fund in 2019.

In a virtual conference organised by DealStreetAsia, Grab President Ming Maa had said that the COVID-19 pandemic had not affected the company’s thinking around an IPO or the timelines.

In recent months, multiple reports suggested that Grab was close to merging its operations with gojek. However, the deal fell through after Grab CEO Anthony Tan insisted on possessing control of the new entity. These developments come even as gojek was engaged in parallel conversations with Tokopedia for a potential merger. As per some reports, the gojek-Tokopedia deal is already signed and a formal announcement could follow soon.

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Image Credit: Grab

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Volopay, a Singaporean startup providing expense tracking solutions to enterprises, announced today it has closed a seed funding round of US$2.1 million from Tinder co-founder Justin Mateen.

The round also saw participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, and founders of Razorpay Shashank Kumar and Harshil Mathur, besides a few unnamed prominent angel investors.

Volopay intends to use the new funding for hiring, product development, international expansion, as well as to build strategic partnerships.

Launched in January 2019 by Rajith Shaji (CEO) and Rajesh Raikwar (CTO), Volopay was born when the co-founders experienced the hurdles of tracking different company spendings such as subscriptions, vendor payments and employee reimbursements.

“The whole process was broken. I would spend hours noting down each individual spend and then have to reconcile it with receipts. Once submitted through the company’s expense platform, I would wait a whole month before being reimbursed the funds,” Shaji said.

Also Read: Six Singapore fintechs are among the KPMG’s Fintech100

“I soon realised employee expenses and shared bank cards was a huge problem for businesses of all sizes, especially startups; they were losing countless hours each month going through bank statements and reconciliation. The lack of visibility meant they were losing money due to unaccounted expenses. Volopay sets out to re-imagine business banking for startups and tech companies while providing significant cash-back and saving,” he added.

Volopay is an all-in-one platform that combines expense approvals, corporate cards, bill payments, expense reimbursements, credit, cashback and accounting automation.

The app is free to use and the firm earns money through interchange fees that credit cards charge merchants. This also allows Volopay to offer users perks such as cashback deals.

Its “corporate card for startups” offering provides companies with a two per cent cashback on all software subscriptions, hosting and international travel, which Volopay terms as “the three main categories of expense in every single tech company”.

The company calms it has over 100 Singaporean companies on its platform, which include Smart Karma, Dathena, Medline, Sensorflow and Beam.

In addition to this development, Volopay said it will also be launching its services in Australia in late January and claims to have had built a sizeable waitlist of customers ahead of the launch. It has already partnered with an Australian cross-border financial startup and integrated its API on its platform.

Also Read: Singapore fintech Silot raises US$8 million Series A for intelligent banking

“To fast track our customer offering, we have chosen to integrate with fintech giant Airwallex’s API suite. We were impressed with how easy Airwallex’s API technology integrated with the Volopay platform, providing us with robust payment and issuing capabilities,” Shaji noted.

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Image Credit: Volopay

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If you ask your average middle-age, middle-class, middle-income person what their top three fears are, 99 per cent will tell you: money, health and safety. 2020 put these fears on steroids.

But as we see possibility of vaccines hove into view, and the prospect of (health) life returning to normal, the primary concern will revert to money. (There is not much you can really do about safety.)

Commentators will tell you that middle-class standards of living have fallen dramatically over the previous two decades all over the world. Professional salaries have not kept pace with the cost of aspirant, middle-class products, and services. For example, health insurance and university education costs have trebled since the turn of the millennium, salaries certainly have not.

This is true everywhere if you are already a member of the middle-class. But it also misses a critical point. The world’s middle-class is expanding, and by 2025, more of the middle-class will live within Asia than outside of it.

People sometimes forget that a financially healthy middle-class is the engine of prosperity. It provides the skilled labour, the capital, the consumer demand and the tax pool for any country. A country’s prosperity relies on a prosperous middle-class.

Yet today, middle class consumers are more than ever bombarded by companies tempting them to deplete their wealth for short term pleasures and to take on more debt, to the detriment of long-term financial health.

Also Read: Finantier secures funding from Y Combinator for its Open Finance platform

This is where “financial wellness” steps in and it’s why we started the company Hugo in Singapore.

Fintech doesn’t have to be only about expanding consumerism and extending more credit. It can instead be about helping people become financially more healthy and wealthier in the long-term.

In a world where we are all increasingly micro-targeted by tech getting us to spend and borrow more, I was compelled to create fintech with a much different purpose.

At Hugo, we call it Wealthcare where we use technology to help people spend less money and grow their long-term wealth, all without feeling like they are sacrificing anything.

In fact, we’ve found that the vast majority people can cut their spending by five per cent without any noticeable change to lifestyle or happiness just through better oversight of their finances and smarter financial management usually only afforded by the rich.

Our tech helps you manage expenditure, set and track budgets and create habit-forming investment journeys, effortlessly. Personal savings always require some discipline and perseverance on the part of the saver, but technology today can make middle-class saving easier, automatic. And dare I say… fun?

Also Read: Will fintech and neo-banking be the next frontier for co-working spaces?

We’re not alone. Companies such as Stashaway and Syfe in Singapore, Acorns and Chime in the US, or Moneybox and Emma in the UK, are all examples of upstart companies aligning fintech business models with the long-term financial health of their users. We welcome more companies to join with this similar mission.

This is because we believe Wealthcare cannot only help repair the damage to savings caused by COVID-19, but also introduce Asia’s rising middle-class to healthy financial habits that are either free or at least substantially cheaper than what has been traditionally charged by the finance industry.

It is not just consumers waking up. Companies are getting on board as well. They realise they owe a duty-of-care for their employees’ mental wellness, where money fears play an undeniable role. They realise that financial wellness programmes can lead to happier, more focused and productive staff.

Greater dynamism and new business models do threaten to leave some banks and financial services groups behind, hence many will launch savings-related pro-wellness brands (in name only). But as with Anheuser-Busch’s efforts to slither into the micro-brewery market, it threatens to go badly wrong for them.

The challenge is that much of banks’ business has been built on lending and high fees, hence some of their most profitable units are in direct conflict with a truly pro-consumer business model. If you ask a typical bank customer “who does this bank serve?”, very few will say “middle-class savers”.

Also Read: Neobanks: the future of banking?

This matters more than ever because middle-class savers are increasingly discerning and demanding. Just as you expect that your hospital is focused on your long-term health rather than selling you painkillers for short-term pleasure, consumers want financial services companies to have their long-term financial health at heart. People want “better, faster, cheaper … and more trustworthy.” Tempting you with quick loans and charging high bank fees has become deeply unappealing.

Asia has the opportunity to lead the world when it comes to financially healthy consumers. The ASEAN economy may only be a quarter of the Eurozone, but its growth is incomparably higher, and savings rates are three times higher. This means the ASEAN savings industry alone will outstrip the Eurozone within five years.

Mighty China, Japan, India and South Korea already have combined savings double that of the US. Given Asia’s middle-class will soon become the world’s new economic powerhouse, fintech has a social responsibility to care for them well.

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Dable, a South Korea-based content discovery platform, announced today it has raised US$12 million in a Series C funding round at a valuation of more than US$90 million.

The round was led by Korean VC fund SV Investment, alongside new investors KB Investment and K2 Investment Partners. Returning investor Kakao Ventures also participated.

Having closed its US$5.4-million Series B round in April 2018, the Korean startup’s total raise has exceeded US$20 million.

Dable said in a statement it plans to utilise the fresh financing to accelerate international expansion into six additional countries, including Hong Kong, Singapore, Thailand, China, Australia and Turkey in 2021.

In addition to its longer-term plans to provide its services to the US and Europe, the startup aims to service all Asian countries by 2024.

Founded in 2015, Dable recommends “high-quality” personalised content to media, e-commerce and other content providers such as blogs and apps. This helps increase engagement rates, bringing in additional ad revenue for these media platforms.

The platform claims its average annual sales growth rate has been upwards of 50 per cent. In 2020, sales reached US$27.5 million, rising 63 per cent year-on-year, driven by expansion in the Asian market.

Also Read: How content platforms can work with the community to make online spaces safer for all

Dable claims it recommends five billion pieces of content to 500 million users per month, resulting in 100 million clicks per month through its platform.

So far, it claims to have partnered with over 2,500 media outlets across Asian markets, including South Korea, Japan, Taiwan, Indonesia, Vietnam and Malaysia.

The company shared it has experienced good growth in Taiwan, exceeding US$400,000 in monthly sales, within two years of launching.

“Dable’s personalised recommendation solution contributes to improving the media’s competitiveness, enhancing advertisers’ performance, and increasing user satisfaction on the internet,” said Chaehyun Lee, CEO of Dable.

“Dable creates meaningful business performance by incorporating AI solutions into the media and advertising fields. It is a company whose future is highly anticipated,” said Kijun Kim, Partner at Kakao Ventures.

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Image Credit: Dable

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2020 was a challenging year for everyone — COVID-19 cases hit 85.6 million worldwide (as of January 5), businesses shut down and unemployment and retrenchment rates soared up high.

As we start to see hope for a vaccination against the virus, local businesses in Singapore are hopeful that they will be able to recover from the recession period as most industries saw some improvement in the fourth quarter of the year as COVID-19 restrictions were eased.

Business expense and travel management in 2020

Aside from business travel expenses which have inevitably been cut, business expense and travel management startup, Navisteps, saw a new work-from-home expense category emerge last year, where companies allocate a portion of their budget to supplement their employees’ work-from-home conditions, such as the purchase of laptops and web cameras, to boost employee work productivity.

The Singapore government has also supported citizens by allowing workers working from home to claim deduction against employment income for charges such as electricity and telecommunication expenses not reimbursed by employers.

Some companies have also increased their business expenses in employee welfare by sending welfare packages, sending employees to virtual classes, et cetera, in order to boost employee morale and mental well-being.

All in said, business expenses are estimated to have dropped by more than 50 per cent in the initial phase of the pandemic in 2020 but there is a noticeable pickup in spending volumes as businesses adapt to the “new normal” and business entertainment returns in smaller group formats.

Also Read: Ecosystem Roundup: Traveloka considers SPAC as a listing option; OVO, ZA Tech form insurtech JV

What will business expenses and travel management be like in 2021?

As we overcome these adverse challenges, what lies ahead for the business expense and travel management industry?

Increase in adoption of digital business solutions to manage business expenses
The COVID-19 pandemic has led to a surge in the demand of video conferencing and other business software. Companies around the world have adapted by working remotely and virtually — in varying degrees across the world depending on the severity of the outbreak and control measures. Remote working sees one in five adopt new technology, and businesses strive to remain productive and efficient virtually.

With the lack of physical interactions, it is even more important that companies are able to manage their expenses for their remote employees. Digital expense management software solutions can allow businesses to automate and become even more efficient at a low cost, allowing even smaller businesses and startups to be able to digitalise their expense management.

Increase in WFH expenses
As mentioned above, WFH is a new expense category that emerged as a result of the pandemic. As companies adopt long-term remote work to allow employees to work from home permanently, we can expect companies to allocate budgets for WFH expenses and these can include items such as work tools like laptops, webcams, and health services.

Digital business expense solutions such as Navisteps also provide the flexibility of employees to be able to make business expense claims based on whatever payment method they want. Such business expense solutions are essential in helping companies manage their remote employees’ business expenses claims. This creates efficient and automated workflows and processes that can save time, money and effort for companies.

Decrease in overall global business travel volume
Navisteps expect a permanent decrease of absolute global business travel volume anywhere between 15–25 per cent over the long term. That said, relationships are best built on face to face meetings over time and nothing can replace being physically on the ground meeting with customers, suppliers and vendors, albeit at a lower frequency than the pre-COVID-19 era.

Global business travel volume is expected to increase sometime in the near future, but highly unlikely to return to the norm within the year 2021.

Also Read: Navisteps snags US$1M in pre-seed funding to expand its corporate expense, travel management platform

Rise of domestic business travels due to travel bubbles
Given that government restrictions will remain and that consumer confidence will stay low throughout the year ahead, inter-state and intra-state business travel will be the most viable option for business travel in 2021. The Malaysian government has also approved domestic travel bubbles for interstate travel to improve the travel industry in its own economy. If successful, we can foresee more countries adopting domestic travel bubbles and a bid to lift its travel economy.

Increase in business travel for physical meetings and events
As mentioned by the Global Business Travel Association (GBTA), many employees expect to return to and host in-person events, meetings and conferences in the upcoming year. There is also increased interest in having a managed travel programme to ensure safety and accountability for their future business travels.

Business travel has returned in drips but the speed at which it returns to normalcy would be highly dependent on the availability of effective vaccines and the state of the virus spread around different countries.

What’s in store

Travel and expense (T&E) spending ranks close behind wages and marketing expenses when it comes to controllable variable costs. Business expense and travel management companies should make a big push into data analytics to enable our customers to effectively look at their T&E spend and continuously optimise it whilst being fully compliant with internal controls and regulations. This includes T&E benchmarks where we aggregate data from similar sectors to use as a comparison for our customers.

Business travel will also be increasingly focused on sustainable and safe travel to emphasise on environmental, social and governance (ESG) practices. Sustainability-driven solutions such as creating a scoring system on the carbon footprint of travellers’ trips can be a first step towards promoting sustainability in business travel.

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